All Forum Posts by: Carlton Wood

THANKS!!

Originally posted by @John Underwood:

@Carlton Wood I would stay away from carpet and cheap laminate flooring. Higher end laminate should be OK if water will not damage it. All laminate flooring is not created equal.

For rentals I use a vinyl strip flooring that looks like hardwood. It is very durable. It interconnects via glue strips. I have never had to replace any of this and is my go to flooring in long term rentals. I have hardwood and carpet in my VRBO lake house. I have a higher class renter and people take care of the house. Plus the carpet was already there so no point in replacing it. If I would have had to rehab house when I bought it I would have eliminated carpet.

What price point is your VRBO/Airbnb property? 

If higher end - I would refinish hardwoods if you have them under carpet, maybe even tile that looks like hardwood.

Lower end (less than $150/night) maybe use the vinyl strip flooring that looks like hardwood.

Hey BP! Replacing some carpet in a unit i'm renovating so i can to Air BnB it. what is the best option for flooring??? what is going to be the most durable and at the same time attractive? Wood laminate? Vinyl? Carpet? Not sure if there is hard wood under the floors but if so should i just refinish them? 

Just closed on my Fourplex in Delco PA! Now the fun begins! Anyone know someone that does lawn care and snow removal for a decent price in the area???

would love to attend

Originally posted by @Yonah Weiss:

Originally posted by @Carlton Wood:

HEY BP! Pretty close to closing on my first investment property, a four family in Delaware County PA. want to make sure for my first year as an active investor i'm getting all the tax benefits i can and make sure i understand all the tax implications involved with my purchase! Need the best CPA around! Any recommendations !?? Doesn't matter where the CPA is located, just as long as they are responsive and effective!

 There are a lot of great CPAs here on BP that work virtually. Check out @Daniel Hyman 

 THANK YOU!!

Originally posted by @Raul R.:

Send me a PM, I’ll send you my CPA contact

 THANKS!

HEY BP! Pretty close to closing on my first investment property, a four family in Delaware County PA. want to make sure for my first year as an active investor i'm getting all the tax benefits i can and make sure i understand all the tax implications involved with my purchase! Need the best CPA around! Any recommendations !?? Doesn't matter where the CPA is located, just as long as they are responsive and effective!

M2M leases are also appealing for potential owner occupant buyers. If they want to move in and house hack the seller can give a tenant 30 day notice and have them out before closing, this gives the seller a larger pool of buyers. If all his tenants were on long term leases he would have to sell solely as an investment property as the buyer would inherit the tenants and their long term leases. Also if u inherit tenants on long term leases you are stuck with those tenants and their leases. M2M tenants u can give 30 day notice and get them out if they don’t work out for you.

Hey BP! closing on a fourplex in Folsom PA at the end of the month. was going to use a property manager but ill be living in one of the units for the first year( FHA loan) and will only be renting out 3 units. while the 3 units will coverage my mortgage payment it wont cover my expenses. So for the first year i think ill try to manage the property myself, also want to get some landlording experience before i hand over the task to a PM. The 3 tenants seem to be good tenants. seller says they all pay on time and the house is solid and shouldn't have many maintenance issues. I just need a solid 24/7 handyman that i can rely on in case something comes up. Any recommendations of a handyman in the Delco area would be appreciated!! thanks BP

Hey BP! Is it possible to buy a house with all cash, mattress money, no certified check, no bank account,House is about $50K. No W2 income no pay stubs. How would u provide proof of funds to get offer accepted, is there a way around getting getting a certified check?